Hafeez says fiscal deficit may top 8pc of GDP

“Barring exports, remittances and some better expectations from wheat output, all economic indicators including from agriculture, industry and even services are behind target,” he said. - File Photo

ISLAMABAD: Finance Minister Dr Abdul Hafeez Shaikh finally confirmed on Tuesday that the country`s fiscal deficit could cross eight per cent of GDP (Rs1,368 billion) in case the business as usual continued and the political leadership failed to take tough economic decisions. 

The dramatic disclosure came after Prof Khursheed Ahmad of Jamaat-i-Islami told reporters that the government`s parliamentary committee had painted a very bleak picture of economic indicators.